8-23-17 11:43 AM EDT | Email Article

Automotive Tire Socks Market Growth Overview and Forecast by Technavio

The global automotive tire socks market is expected to grow at a CAGR of around 7% during the forecast period, according to Technavio’s latest report.

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Technavio has published a new report on the global automotive tire socks market from 2017-2021. (Pho ...

Technavio has published a new report on the global automotive tire socks market from 2017-2021. (Photo: Business Wire)

In this report, Technavio covers the market outlook and growth prospects of the global automotive tire socks market for 2017-2021. The market is segmented based on vehicle type, which includes passenger cars and commercial vehicles.

Tires socks are widely preferred during the winter season in North America and Europe. These regions witness excessive snowfall, and tire socks provide safe traction for vehicles. Passenger cars are the major adopters of tire socks, and the acceptance of using tire socks instead of snow chains in certain regions is considerably pushing commercial vehicles to incorporate this component. The growing focus on ensuring safe traction on snow-covered pavements is also expected to augment their adoption during the forecast period.

Technavio’s automotive research analysts categorize the global automotive tire socks market into the following segments by regions:

  • Americas
  • Europe
  • APAC

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Americas: automotive tire socks market

“Canada registers the highest volumetric snow fall rate, with areas such as Winnipeg, Alberta, and Saskatoon breaking records worldwide. It was noted that out of 20 million unit shipments of tires in 2015, the country recorded a whopping 35% in winter tire sales, signifying the urgency and need for snow implements. The US, which has a larger overall tire economy, registered a 3.6% of its total tire sales as winter tires around the same period,” says Amey Vikram, a lead analyst at Technavio for research on auto accessories.

The massive car pileup that led to the death of three people in Michigan, December 2016, has considerably raised the need for winter implements such as winter tires, snow chain, and tire socks in the US. As discussed earlier, many US states have specific laws on the use of winter tires, snow chains, and alternative tire socks.

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Automotive tire socks market in Europe

“Many European countries do not agree to the use of tire socks as an alternative to snow chain, their ease of handling and carriage is gradually pushing the demand of tire socks in the region. The component does not tangle like tire chains. It is suitable for vehicles with low ground clearance due to its ease of installation,” adds Amey.

Northern Europe has some of the snowiest regions in the world. The Russian Siberian desert transforms into a chilly and inhospitable place for most months of the year. Other Western European countries, such as France, Germany, Poland, Italy, Austria, and the Scandinavian countries have respectable volumes of snowfall, which necessitates the use of tire socks and other snow implements in vehicles.

Automotive tire socks market in APAC

Compared to the Americas and Europe, APAC witnesses relatively lower amounts of snowfall. This is largely attributed to the sheltered nature of the landmass itself. Most Asian countries lie south of the Arctic Circle, and most of the population resides in India and China. A sizeable chunk of India lies below the Tropic of Cancer (a temperate climate).

Southern China, which is the hub of Chinese settlements in the Guangdong province, roughly falls under the same latitude. Thus, these regions typically do not experience much snowfall and do not need tire socks. Most of the demand for tire socks comes from the alpine regions of Australia, Northern China, and India, as well as the Asian part of the Russian sub-continent.

The top vendors in the global automotive tire socks market highlighted in the report are:

  • MICHELIN
  • Joubert Productions
  • AutoSock
  • ISSE SAFETY
  • TireSocks

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About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

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